Arab Sea’s turns to SAR 5.5 mln loss in H1 2022; Q2 at SAR 1.9 mln

11/08/2022 Argaam Exclusive

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Arab Sea Information Systems Co. swung to a net loss after Zakat and tax of SAR 5.5 million by the end of H1 2022, against a net profit of SAR 4.5 million in the year-ago period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	22.23	17.29	(22.2 %)
Gross Income	12.21	5.25	(57.0 %)
Operating Income	4.58	(6.14)	(234.0 %)
Net Income	4.45	(5.47)	(222.8 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.04	(0.05)	(222.8 %)

The company reported a revenue drop of 22.24% year-on-year (YoY) and a 49.27% YoY increase in selling and administrative expenses in the current period.

In Q2 2022, the company turned to a net loss after Zakat and tax of SAR 1.9 million, versus a net profit of SAR 4.37 million a year earlier, as revenue declined by 37.34%, while the selling and administrative expenses increased by 41.84%.

On a sequential basis, net losses decreased by 47.2% from SAR 3.58 million on a 4.78% quarter-on-quarter (QoQ) decrease in selling and administrative expenses. Arab Sea also cited a 437.7% QoQ surge in other income.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	13.37	8.38	(37.4 %)
Gross Income	8.25	2.64	(68.0 %)
Operating Income	4.33	(2.92)	(167.3 %)
Net Income	4.37	(1.89)	(143.2 %)
Average Shares	100.00	100.00	-
EPS (Riyals)	0.04	(0.02)	(143.2 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	8.91	8.38	(6.0 %)
Gross Income	2.61	2.64	1.0 %
Operating Income	(3.22)	(2.92)	9.5 %
Net Income	(3.58)	(1.89)	47.2 %
Average Shares	100.00	100.00	-
EPS (Riyals)	(0.04)	(0.02)	47.2 %

Total shareholders’ equity, after minority interest, rose to SAR 141.75 million as of June 30, 2022, from SAR 130.433 million a year earlier.

Arab Sea attributed the increase in selling and administrative expenses to the higher costs incurred on the establishment of subsidiaries.

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